The business process outsourcing (BPO) sector is one of the fastest-growing industries in the Philippines. With hundreds of established agencies settled in the country, its expected annual growth rate is around 7% to 9%, which is higher than the expected global growth. Thanks to this, the rapid rise of supply and demand comes off as a preferable choice for foreign companies.
In the BPO industry, the Philippines is seen as a powerhouse. The Filipinos are among the best when it comes to work ethics, offering professional-level services that meet your company’s needs and standards. To top it off, the general services are considered more affordable than in other providers, which makes it an even harder deal to pass up.
If you require an outsourcing vendor, it would be in your best interest to partner up with a call centre in the Philippines. To convince you further, the infographic below will discuss 10 reasons you should take up business support services from the country.
Fast Facts and Stats on the Philippine BPO Industry
The Philippines is known as one of the top outsourcing destinations in the globe. Due to the proficiency of its workforce, cultural compatibility with Western countries, and overall affordability, it’s no surprise that many foreign organisations choose to partner with vendors from the country.
To give you a better picture of its lucrative BPO industry, here are some interesting statistics to take note of.
- The IT and Business Process Association of the Philippines reported that the BPO industry generated $26 Billion in 2020. – ABS CBN
This statistic puts a significant light on the contributions of the BPO industry to the Philippine economy. Considering current trends and figures, it’s expected to keep growing in the coming years.
- The Philippines is known as the Call Centre Capital of the world. It’s estimated that over 1.3 million people are employed in over 1000 BPO companies. – LSE
These service providers cater to different companies around the globe, including first world countries such as the USA, the UK, Japan, New Zealand, and more.
- The number of mid-skill jobs within the BPO industry in the Philippines is projected to rise by 12%. – Magellan Solutions
Job opportunities will continue to improve as skill level requirements increase to ensure the best quality output for businesses.
- Healthcare Information Management and Game Development services have the highest headcount growth rate, starting at 6.8%. – Magellan Solutions
Thanks to the impact of automation, providing services under these categories have become simpler and more affordable to meet the growing demands.
- Major businesses save as much as 80% on operational costs when partnering with contractors in the Philippines. – Outsource Accelerator
Despite the low labour costs, the quality of their output and service is sure to make your business grow.
10 Reasons Why You Should Outsource to the Philippines
1. Great Industry Track Record
The BPO industry in the country has been active since the early 1990s, where many have grown to become top international service providers. In terms of total revenue, the sector has generated over $26.7 billion in 2020 alone. Apart from companies established in its capital Manila, the BPO industry has also expanded to other parts of the Philippines.
2. Filipinos are highly proficient in English
Filipinos are taught English at a young age, which is also the main medium used to teach in schools. Apart from that, it is commonly used in daily life.
3. Labour costs are favourable
Due to the relatively low cost of living in the country, the operational costs can be significantly lower than what foreign investors pay in Western countries. This makes the country more appealing as an outsourcing destination for many companies around the world.
4. Overall availability
The outsourcing workforce in the Philippines provides services 24/7, which can benefit businesses no matter where they are. Since many BPO companies in the country work multiple shifts, you can have staff working relative to your time zone.
5. Highly skilled workforce
Most of the Philippine workforce is around their early twenties with college-level education and formal training. Because of this, many workers are skilled in their fields and can deliver professional quality services.
6. Legal exemptions and government support
The government recognises the industry’s contribution to the economy, so they support the BPO industry by establishing fair regulations and incentives to keep the market steady.
7. Data Security
The workforces in the country can adapt to the strictest of foreign data privacy acts. As a result, you can be assured that your business will have a seamless transition when opting for these services.
8. Better quality of life
Filipinos get a better quality of life thanks to the thousands of job vacancies that open in the BPO industry each year. In these trying times, outsourcing to the country would greatly benefit all stakeholders.
9. Cultural match with western countries
Western culture is present in everyday life in the Philippines, making it a great match for foreign companies. Apart from that, hospitality is also an integral part of Filipino culture, where locals are easy to socialise with.
10. Good economic growth
The Philippines is known as the outsourcing capital of the world. As a result, the country has gained stronger purchasing power, which foreign investors can benefit from.
Empower Your Organisation through Filipino Service
The Philippines has one of the world’s strongest BPO cultures, where a great portion of its economic growth is known for. Apart from being more cost-effective, outsourcing your process to this country grants you a wide array of opportunities to connect with skilled professionals.
For more information on BPO services in the Philippines, reach out to Select VoiceCom today.